Following The Script; Even Fawning Media Ridicules Harris’ Socialist Proposals

 Issues & Insights 

. . ."price controls are a recipe for shortages and black markets and the breakdown of rule of law, and at a minimum, never work the way they are supposed to work."

Even Fawning Media Ridicules Harris’ Socialist Proposals    "The media adulation for Vice President Kamala Harris’ presidential campaign may still be strong in general, but several major liberal outlets haven’t been able to stomach her latest economic policy proposal.

"Harris announced Wednesday that she would institute a “federal ban on price gouging on food and groceries” as president in an attempt to stop “big corporations” from taking advantage of consumers, and outlets like the Washington Post, CNN, and Newsweek published reports shredding the idea.

" 'Whether the Harris proposal wins over voters remains to be seen, but if sound economic analysis still matters, it won’t,” the liberal-leaning Washington Post editorial board wrote on Friday.

"If enacted, the Harris campaign’s proposal would give authority to the Federal Trade Commission and state attorneys general to impose harsh penalties on companies for setting excessively high prices.

" 'There’s a big difference between fair pricing in competitive markets and excessive prices unrelated to the costs of doing business,” the Harris campaign said in a statement. “Americans can see that difference in their grocery bills.”

"The Post’s editorial board took Harris to task on the idea, stating it’s not even clear what her plan is. “Ms. Harris says she’ll target companies that make ‘excessive’ profits, whatever that means.” It also expressed relief that the plan was getting pummeled out of the gate." . . .

Wall Street battens down hatches, warns investors about Kamala's price controls -report  . . ."Broadly speaking, it's always a disaster when a government overspends beyond its means, devalues its currency as a result, sees various financial institutions take hits, and then in some cases takes insane measures like capital controls to fix the mess they made, leading to shortages and the destruction of savings that would otherwise go into investment capital. In some cases the governments actually go down in flames, their capitols literally on fire.

They know Economics 101, that price controls are a recipe for shortages and black markets and the breakdown of rule of law, and at a minimum, never work the way they are supposed to work. Even the leftists on Wall Street know this basic fact, they would be embarrassed to say they didn't, which is why we see so much pushback against the idea even in the leftist media. Again, it's Economics 101 and only stupid people don't know Economics 101." . . .